eGrove (Univ. of Mississippi)

    CPA expert 2003 spring

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    Three Essays on Quote Stuffing, Dealer Liquidity and Stub Quoting

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    This dissertation consists of three essays on quote stuffing, dealer provided liquidity, and stub quoting. The first essay examines the impact that intense episodic spikes in quoting activity (frequently referred to as quote stuffing ) has on market conditions. We find that quote stuffing is pervasive with several hundred events occurring each trading day and that over 74% of US exchange traded securities experience at least one episode during 2010. We find that during periods of intense quoting activity stocks experience decreased liquidity, higher trading cost, and increased short term volatility. In the second we examine the role of the NASDAQ market marker over time. Specifically, we study the liquidity providing behavior of NASDAQ market markers in the trading environment in 2010 compared to 2004. We examine the frequency with which market makers are at the inside quote, the market and stock specific factors that influence market maker participation, changes in the number of market makers over time, and the relation between market maker participation and intraday bid-ask spread patterns. We find that the role of NASDAQ market makers declines over time. In 2004, the percentage of the trading day that market makers quote at the inside bid (ask) is 60% (62%) compared to 2010 when NASDAQ dealers quote at the inside bid (ask) just 12% (11%). The number of market makers declines. We also find evidence that the influence market makers have on intraday variations in the bid-ask declines over time. Finally in the third essay, we examine the liquidity providing behavior of NASDAQ market makers surrounding two periods of changing dealer obligation. The first period is the relaxation of Rule 4613 in November of 2007 which required NASDAQ market makers to place two-sided quotes that must be reasonably related to the current best bid and offer. This rule change permitted NASDAQ market makers to post quotes far away from the prevailing market (frequently referred to as a Stub Quote ). The second is the Securities and Exchange Commission ban on stub quoting in December 2010 which requires that market makers quote within a predefined distance from market prices. We find evidence in both the 2007 and 2010 rule change periods that placing restrictions on stub quoting alters market makers liquidity providing behavior. Stub quote restrictions increase the time that market makers quote at the NBBO. We also find evidence that stub quoting restrictions increase the percent of daily volume executed by market makers. However, we find little evidence that stub quoting rules impact the participation of market makers during days with excessive volatility

    The radical south: Grassroots activism, ethnicity, and literary form, 1960-1980

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    “The Radical South” examines the art and writings of Civil-Rights-era social movements and locates U.S. based political structures in a hemispheric and global network. I reveal that the Civil Rights Movement, ethnic nationalism, and second-wave feminism were not separate entities; rather, the cultural work of activists was an intersectional effort that defied national strategies, such as non-violent protest and race-based separatism, that were often determined by their urban counterparts. Thus, I argue that new political aesthetics emerged from grassroots activism and set in motion ethnic and racial cultural expressions that embraced multiple, even conflicting, identities. As much as this art was placed within a local context, its political and artistic aesthetics were also inspired by global revolutionary movements in places such as Cuba and the Caribbean, Spain, and Ghana. Whether I am looking at experimental theater, consciousness-raising documents, or novels, I show how this flexible approach to political ideology better represented the pragmatic realities of everyday life, even if it also meant challenging their popular-front vision of solidarity. “The Radical South” moves chronologically through Freedom Summer and the 1960s to early eighties “third world” feminism. In my first chapter, the Free Southern Theater, an integrated theater group established in Mississippi in 1963, emerges as a major innovator of what I call visual jazz, which combined avant-garde theater with civil rights activism. In the second and third chapters, I look at novels by Julian Mayfield and Jose Yglesias, both of which insist on the specificities of local forms of oppression, community memory, and familial bonds against the more abstracting vision of a global Marxist struggle. In the final chapter, I demonstrate how Toni Cade Bambara’s 1980 novel The Salt Eaters by embracing the paradox of what I call conflictual solidarity, a process by which dissenting voices collect together to challenge the structures that unite them

    Balancing Two Worlds: Female Indo-Fijian Immigrant Youth in Their Public and Private Domains and the Emergence of the New Hybridity

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    In the last 20 years immigration in Canada has increased due to the relaxed immigration laws. With such an increase it is vital to understand immigrant youth experiences in terms of how they express their national and cultural identity, how they negotiate different expectations of their host and homeland cultures, and how they identify themselves at a personal level. Many immigrant youths are faced with conflict, deriving from pressures of living in a new society and culture as well as pressure from their family and the homeland culture. These conflicts and expectations also have a gendered layer in that female immigrant youths have different experiences growing up than their male counterparts. As a result, young immigrant females struggle with keeping their life balanced which results in a separation of their two world and cultures. Scholars typically understand such separation to result in the formation of a hybrid identity. Using a case study of female Indo-Fijian immigrant youth in Vancouver, B.C., Canada, I discuss the concept of hybridity through investigating the way in which the public and school life and the private and home life influence the expression of ethnicity, nationality, and identity. There is a clear distinction between the public life and the private life. I argue that instead of a synthetic identity of hybridity that, in fact, immigrant youths gravitate towards the culture of their host country and consciously move away from their homeland culture. However, their private and home life expectations pull them back towards their homeland culture. The identity that results from this tension is what I call the “new hybrid”. By using the native ethnographer approach, I demonstrate that ethnicity, nationality, and identity are complex and multi-faceted and its expression is influenced by their social domains and individual agency

    Staging Sodomy: Deviance and Devotion on the Early English Stage

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    This thesis is an examination of the multivalent category of sodomy in late medieval works of and about biblical drama: A Tretise of Miraclis Pleyinge, the York Joseph\u27s Trouble About Mary and the N-Town Passion plays. Because the Tretise of Miraclis Pleyinge invokes charges of sodomy in its attack on biblical drama, this work argues that the medieval stage is particularly hospitable to exploring the queer moments of Christian theology. Focusing on the sodomitic relationships of Christ\u27s life as they are revealed in York\u27s Joseph\u27s Trouble and the N-Town Passion sequences, this thesis argues that these plays problematize Christ\u27s legendary hostile relationship to the sin against nature

    Flood Disaster Resilient Bridge Structures For Sustainable Bridge Management Systems

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    Extreme weather events are occurring at an increasing ferocity and frequency. Floods are the most comand damaging natural disaster. More than 4,400 occurrences of flood disasters have been reported globally between 1900 and 2016. As a result, around seven million people were killed and millions more were displaced. Climate impacts are expected to intensify weather related flooding events, and sea level rise expected worldwide will increase the risk of coastal disasters. Transportation infrastructure, vital to the economy and society of every country, is especially prone to the inland and coastal floods. Bridge structures are under the constant threat of these natural disasters. Superstructures can be washed away due to lateral forces generated by floodwater. Floodwater can also accelerate scouring around bridge piers, which often contributes to bridge failures. This research used the results of an extreme flood simulation conducted by the Center for Advanced Infrastructure Technology at the University of Mississippi. A flood inundation model was implemented for an extreme flood scenario at a floodplain site of Little Tallahatchie River in Northern Mississippi that featured surface transportation corridor sites and other infrastructure assets. Geospatial analysis of flood inundation mapping and simulation results shothat total flood inundation covered an area of 22.46 sq mi2 (58.16 sq km2) in the floodplain, where maximum floodwater depth reached up to 34.19 ft (10.42 m) within the inundation area. The results of the extreme flood simulation were used for assessing structural integrity of a bridge structure subject to lateral floodwater forces, with primary focus on the superstructure. A Three Dimensional-Finite Element model of US-51 Highway bridge, located in the floodplain site, was developed for flood impact analysis considering bridge girder-deck superstructure, bearings, pile caps and piers. The numerical results of finite element simulation shothat the bridge superstructure displaced 2.42 m under the lateral hydrodynamic force of floodwater. The dowel bars inserted at the bottom of each girder end through bearing to the top end of pile cap, failed in shear against lateral floodwater forces. This would lead to the failure of US-51 Highway bridge superstructure if an extreme flood event occurs in real life. A framework for structural integrity assessment of bridge structures is presented with Flood Resiliency Index. Recommendations for design enhancements and hardening of bridges are discussed for flood disaster resilience. An enhanced geospatial decision support system is recommended considering “vertical underclearance” criteria for bridge superstructure height above the channel and “flood probability” related to flood occurrence in 10, 50, 100, 500 and 1,000 years. These flood resilience parameters are missing from the traditional bridge management system (BMS) framework. Enhancing the current practice of BMS is proposed using optimization based prioritization of flood disaster vulnerable bridges, which considers vertical underclearance criteria, flood disaster risk probability and life cycle cost analysis. For this purpose, a Flood Vulnerability Rating (FVR) is proposed on a scale of 1 (catastrophic risk) to 6 (very low risk). The FVR scale was used for a case study of 270 bridges on major rivers in the state of Mississippi, which were analyzed using an optimization objective function to maximize benefits considering reconstruction/hardening costs and indirect benefits (cost avoidance from traffic disruption and economic loss related to bridge failure). Based on the present-worth life cycle analysis, total life cycle costs for the agency’s pre-planned bridge hardening for flood resilience was 59.3% less than the case of no hardening of the same bridge. This dissertation advances flood risk assessment and resilience management methodologies for transportation infrastructure in the United States and across the globe
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